VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14 VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14

CEDE

In market

HOT WINDOWAviation title

Cedar Book

Skip it and you read a PDF. Counterparties who matter will have already called.

The protocol pitch was declined. What remains is software against an invoice. 6,149 people still asked.

Cedar Book — A permissioned record of title, invoices, warehouse receipts or port documents for houses that already finance or move goods. The event is the product. The bill of lading does not get replaced by a meme.

Live campaign. 6,149 on the product waitlist — that is demand, not an allocation.

Window 13d. Waitlist 6,149. 150 asks this week. This is not a quiet listing.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Waitlist

Window

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Airframe registry

Counsel hours

Barcelona · counsel-named

Sentences killed

Before listing

Claims live

10/11

Growth

Our cut

Of any proceeds

Plate Ledger · 6989

CEDE

The plate

Ledger. Edition 6989.

A unique plate for Cedar Book. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.

CEDE · Barcelona · Aviation title

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Barcelona

Trade-finance banks

Sells

Per

Per financed invoice

Markets

Barcelona

Years

Founded 2026

Surfaces

Airframe registry

Complete

File readiness

The wedge

Per financed invoice

Cedar Book digitises a hold, not a commodity.

Why the desk took it

A real job, not a ticker.

Public listing of cargo was refused on day one.

Traction

4 named pilots (redacted).

Founded 2026, headquartered in Barcelona. 4 named pilots on file (identities redacted in public). 6,149 on the waitlist, gated — product demand, not a book built. 9 nodes or connected surfaces reported. Desk diligence score 88/100. A transfer agent willing to consume a revoke in production. Architecture says keys / title / NAV liability sit with a named licensed party — not Cedar Book.

Next 12 months

One financed shipment against this record.

Bank portals are silos. Cedar Book is the record both sides file. Bps on a job that already has a budget line. A public coin would not make the invoice larger.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Cedar Book would not let a public sale sit on this page. That is why a company in Aviation title is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

The bet is narrow. A named Barcelona buyer already has budget for this invoice. Cedar Book wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Cedar Book. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From ops

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

From the founder

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

From the screen

The legal source of truth stays with the incumbent register, admin, or custodian. Cedar Book does not attest to its own facts.

The window

Miss this and you read the archive.

Skip it and you read the archive. Counterparties who matter will have already asked.

Certification is in motion. After it lands, the price of the seat is not the question — access is.

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 5
Counsel hours on file: 51
Asks / week: 769
Our cut: 0% of proceeds

The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
Eva Krüger, Chief executive

This company

Cedar Book

Open-source looks free until the auditor asks who attests. Cedar Book has an answer.

In the same conversation

Contour / we.trade (history)
CargoX
Bank trade portals
Not a commodity NFT

The bet

Why this company exists.

Cedar Book digitises a hold, not a commodity.

Banks want to digitise without putting a commodity on a public chain. Warehouses will not be first movers. A permissioned title event they already recognise is the on-ramp.

Documentary trade is a trillion-scale flow. Software that shortens a hold by two days is a spread.

Versus the field

A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.

Named: Barcelona. Off-limits: United States retail, United States. A US person hearing an offering communication is a US problem even if the company sits in Barcelona. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01A document that already exists is hashed and evented
02Title changes when the parties that already can change it say so
03Financiers see the state they are underwriting
04No public listing of the cargo as an asset
05Title changes only when the parties that already can change it say so
06Kill of a public sentence is an hour, not a committee.

In the same conversation as

Contour / we.trade (history)
CargoX
Bank trade portals
Not a commodity NFT

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Named operators
40%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
27%
The remaining certifications and the second named market.
Control environment
14%
Keeping the public story from running ahead of the claims register.
Second market
19%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell: Per financed invoice
Who pays: A transfer agent willing to consume a revoke in production.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: A bank has funded against this record on at least one shipment.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: Bank portals are silos. Cedar Book is the record both sides file.
Why we listed it: Public listing of cargo was refused on day one.

Next twelve months

What has to be true.

One financed shipment against this record.

Architecture says keys / title / NAV liability sit with a named licensed party — not Cedar Book.

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Operating notes for Airframe registry
No token contract listed as a public sale
Named founder; customer still a conversation
Barcelona is the operating centre
The waitlist, if any, is a product list — not a book
RCA Pad does not take a cut of proceeds

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product63
Customers96
Legal path84
Tech maturity73
Demand71
Market access44

Risks

What can kill it.

The one that actually kills it

A second geography without a lock

Extending the record into a market that is still restricted is how a clean Barcelona story becomes a fact pattern. The restricted list exists for a reason: United States retail, United States.

Legal title

If the court still wants the paper, the chain is a copy. Ask which jurisdiction has said otherwise.

Warehouse adoption

One bank is not a network. The warehouse has to write the event.

Public token

Tokenising the cargo for a crowd is a different, usually worse, company.

Fraud

Digitising a fake bill faster is not progress. Dual-control is the feature.

Paper still wins in court

If the court wants the original, the chain is a copy. Ask which jurisdiction has said otherwise.

Single-customer gravity

If the first named buyer is also the only buyer, Cedar Book is a services shop with a ledger. Ask for the second.

Ask these next

01Who can unpublish a public sentence in 24 hours, by name?
02If RCA Pad disappeared tomorrow, could the customer still run the job?
03Which incumbent can copy this in a quarter, and what would they have to migrate?
04Which geography is actually locked, and which is a hope?
05What does renewal look like if no round ever happens?
06Has counsel written the perimeter in a memo you can file?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity: Cedar Book Ltd
Path on file: Barcelona · counsel-named
Posture: No public sale
Pack: Growth

Where they can operate

Named vs off-limits.

Named markets are where a sentence is allowed. Restricted is where it is not. This is not a worldwide offering.

Barcelonanamed
United States retailrestricted
United Statesrestricted

Team

Who runs it.

Eva KrügerChief executive
Hannah OkoyeChief compliance

Stack

Airframe registry
Aviation title
Takedown SLA

Named with them

Northbridge Counsel
Clearline

Who can decide

The technical founder is on the record as Chief compliance. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Cedar Book does not sell a token to the public on this pad	Posture lock	live
The product is aviation title sold to institutions	Architecture + customer type	live
Airframe registry is the method — not a listed asset	Desk snapshot	live
Retail buyers are out of scope	Named markets lock	live
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	live
Pilot identities redacted in public	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Barcelona	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:25
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.

Launch your own How an RCAICO works

Other companies

VELMVellum ProtocolSettlement rails for private credit funds. Campaign live. No public token sale.KITEKite LedgerTrade-finance records on a permissioned L2. Live waitlist. Allocation is not on this pad.PLSDPalisade IDPermissioned identity for funds. Live in the EEA professional lane. No token, no sale.NRTLNorthlineOn-chain fund admin. Day 8 of 14. The pack is the product. Pathway locked: not offering.